Biotech Values

[DewDiligence]

Anadys’ CEO is bailing. Thank goodness
it isn’t for personal reasons. This PR hit
at the end of AH trading, so there is no
discernable impact yet. (Business Week’s
Gene Marcial strikes again—in the biotech
arena, I consider Marcial to be one of the
foremost contrary indicators.)

http://biz.yahoo.com/prnews/060614/law076.html?.v=56

>>
Anadys Pharmaceuticals' Kleanthis G. Xanthopoulos, Ph.D., to Step Down as President & CEO by Year-End to Join San Diego VC Firm

Wednesday June 14, 6:30 pm ET

Transition Team Initiating Search for President & Chief Executive Officer; Company Promotes Steve Worland to President of Pharmaceuticals; Conference Call Tomorrow at 7:30 a.m. EDT

SAN DIEGO, June 14 /PRNewswire-FirstCall/ -- Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS ) announced today that Kleanthis G. Xanthopoulos, Ph.D., is resigning as President and Chief Executive Officer effective at the end of 2006 or sooner if a successor has been identified and appointed. He will join San Diego-based Enterprise Partners Venture Capital as a Managing Director.

Dr. Xanthopoulos will continue to serve as a board member of Anadys following his resignation as President and Chief Executive Officer. Anadys will initiate a search for a new President and Chief Executive Officer. In addition, the Company has promoted Steve Worland, Ph.D., to the newly created post of President, Pharmaceuticals, from Executive Vice President, Pharmaceuticals.

"Kleanthis is an entrepreneur whose passion for building Anadys and cultivating the leadership team is evident in all aspects of his work," said George A. Scangos, Ph.D., the Company's Chairman. [Scangos is the CEO of EXEL.] "He will continue to have an integral role in the setting of Anadys' strategic direction as a member of our board. The end of the year is the right time for him to make the move given the Company's strong position. In his new role he will be able to share his visionary thinking and operations expertise with other entrepreneurs in the life sciences industry. Although we will miss his inspirational leadership at Anadys, we are happy to see him continuing to contribute as a board member."

Dr. Xanthopoulos commented: "I am proud of our accomplishments at Anadys and excited about our current clinical programs and deep pipeline. I am also excited about continuing to help shape Anadys from a position on the board as well as in having the opportunity to provide other entrepreneurs with counsel in my future role in venture capital. Steve and the other members of our team share a common vision in building a leading pharmaceutical franchise with a focus on antivirals and cancer drugs. I am honored to be part of that."

New Position -- President, Pharmaceuticals

In his new position, Dr. Worland will lead all of Anadys' strategic planning, corporate development and research & development efforts. He has been involved with the development and implementation of the company's strategic plan since joining Anadys in 2001 as Chief Scientific Officer. Dr. Worland was promoted to Executive Vice President, Head of Research and Development, in October 2004. In December 2005 he was named Executive Vice President, Pharmaceuticals. Prior to Anadys, he was Vice President, Head of Antiviral Research, at Agouron Pharmaceuticals, a Pfizer Company. He received a B.S. degree in Biological Chemistry from the University of Michigan and a Ph.D. in Chemistry from the University of California, Berkeley. He was a National Institutes of Health Postdoctoral Fellow in Molecular Biology at Harvard University from 1985 to 1988.

"Steve's contributions have been critical to our successes on both the scientific and business fronts, including our landmark collaboration with Novartis," Dr. Xanthopoulos said. "His promotion will enable him to expand his leadership role with the company."

Webcast of Conference Call

Anadys will host a conference call tomorrow, June 15, 2006, at 7:30 a.m. Eastern Daylight Time to discuss Anadys' executive transition. A live webcast of the call is available online at www.anadyspharma.com. A telephone replay will also be available approximately one hour after completion of the call. To access the telephone replay, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 69567848. The webcast and telephone replay will be available through June 29, 2006.

About Anadys

Anadys Pharmaceuticals, Inc., www.anadyspharma.com, is a biopharmaceutical company committed to advancing patient care by discovering, developing and commercializing novel small molecule medicines for the treatment of hepatitis, other serious infections, and cancer. The company has core expertise in Toll-Like Receptor-based small molecule therapeutics and structure-based drug design coupled with medicinal chemistry. Anadys' clinical development programs include ANA975 for the treatment of HCV and HBV, and ANA380 for the treatment of HBV. In addition, Anadys' therapeutic platform is designed to advance a strong and continual pipeline of drug candidates into the clinic.
<<